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Unscrupulous entities have also been using this tax benefit to launder money by dealing in shell company shares. In early August, the markets regulator had suspended trading in 331 suspected shell companies identified by the ministry of corporate affairs. BSE says the LTCG leeway opens the door for tax arbitrage and manipulation Read More …
This Tax Alert summarizes the ruling of the Nagpur Bench of Bombay High Court (HC) in the case of Smt. Shantidevi Bimalchand Jain (Taxpayer) v. ITO [ITA No. 18/2017; Order dated 10 April 2017] wherein the HC upheld the denial of the long-term capital gains exemption for the sale of a listed company’s shares through a stock exchange in view of the Taxpayer’s inability to justify the genuineness of the transactions Read More …
As per GST law, construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after Rs first occupation, whichever is earlier, is a supply of service and liable to GST Read More …
The government’s plan to use data obtained from the Goods and Services Tax (GST) filings to track those who are escaping income tax is one more step towards pinning down the tax evaders. For the past two years, Prime Minister Narendra Modi has been tightening the noose around tax evaders. The government’s various steps are likely to show visible results next year. 2018 may well turn out to be the year of the taxman when tax evasion will become nearly impossible Read More …